To assist businesses that have been affected by the temporary restrictions which were implemented last week, the Scottish Government has announced that applications will open for their £40m support fund at 9am on Tuesday 20th October.
The support will be split in to two pots: a Business Closure Fund, which will provide grants of £2,000 or £3,000 depending on Rateable Value, and a Discretionary Business Hardship Fund, which will provide support of £1,000 or £1,500, again depending on Rateable Value.
To be eligible for the business closure fund, you need to meet the following criteria:
- you must be a hospitality or other business required by law to close under these new restrictions
- you must have been open and trading before 9 October 2020 and have a business bank account
- the business premises must be registered for Non-Domestic rates
To be eligible for the discretionary business hardship fund, the following must apply:
- you must be a hospitality business or gym required by the regulations to operate in a restricted way; or
- you must be a producer/ wholesale business that is based in Scotland and supplies primarily short-life goods or produce to hospitality businesses that have been affected by the regulations. You must be able to show your turnover has dropped by at least 25% during the brake period
- you must also have been open and trading before 9 October 2020, have a business bank account, and the business premises must be registered for Non-Domestic rates
As with the business support grants which were available earlier in the year, these will again be administered by the local council authorities.
- applications to Edinburgh City Council can be accessed here
- applications to Orkney Islands Council can be accessed here
All applications must be made online and it is hoped that there will be a decision made on the outcome before any further review into the restrictions that are currently in place.
For further help and assistance, contact Scholes Chartered Accountants today.